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Making Financial Management Simpler for Seniors

One of the most difficult things about aging might be accepting help with tasks that could once be accomplished without assistance. Receiving help with finances can be especially difficult since many consider money a private affair, but many seniors still need a helping hand regardless of their pride and privacy. Here are some tips to help make financial management easier for your senior loved one, brought to you by the staff at Home Care Assistance in Bridgewater.

Offer to Help

Sometimes seniors can be too proud to let on they actually do need some help. Modern technology may be confusing, remembering details may be getting harder, or there may be other reasons. Your loved one may also be frightened that asking for help, especially with money, may result in a loss of freedom or input. Let your loved one know you realize he or she has done a great job with managing money up to this point, but you just want to offer help if it is needed.

Keep Your Loved One Involved

While it may be less time-consuming to just take over the finances and manage any decisions by yourself, resist the urge. This can be detrimental to an older person’s self-esteem. Let your loved one remain involved in making financial decisions for as long as he or she is able. Remember, this is his or her money and life at stake.

Use Newer Technology Sparingly

Your loved one might not understand newer inventions like spreadsheet programs and online banking statements. If you want to use these things, do them on your own and then go over the results with your loved one so he or she will have an easier time understanding. For seniors willing to learn, offering to teach them how to use some aspects of technology can be very liberating. For instance, offer to show your loved one how to check his or her bank balance online.

Steer Clear of Scams

Almost anyone is at risk of being scammed, but seniors are more frequently targeted. Have a conversation with your loved one about some ways to keep his or her finances safe. Encourage him or her to contact you or a professional if anything seems off about charges on any bank statements or if he or she is receiving calls or letters asking for money.

Helping your loved one manage finances may relieve a great deal of his or her stress. If he or she needs assistance with other tasks such as mobility, transportation, cooking, or cleaning, consider hiring an in-home caregiver. For trusted live-in and hourly care in Bridgewater, reach out to Home Care Assistance. All of our senior care services come with a 100% satisfaction guarantee, offering you peace of mind knowing your loved one is safe and comfortable while aging in place. For more information, call one of our Care Managers at 908.450.9400 to schedule a free in-home consultation.